The incident occurred at around 11 PM last night when Mohd Sohail (40), who was into selling imitation jewellery, was going on a bike when two persons dashed their vehicle against his two-wheeler, Saifabad Police Station Inspector K Poorna Chander said.
"Sohail immediately ran for safety and entered a nearby hotel. However, the duo chased him into the hotel and beat him with rods resulting in his instant death," the Inspector said.
The attackers fled from the scene after the incident.
"The murder seems to be an outcome of business rivalry. The two accused involved in the murder have been identified with the help of CCTV footage," Deputy Commissioner of Police (Central Zone) V B Kamalasan Reddy told PTI.
Two special teams have been formed to arrest the absconding assailants, the DCP said.
Saifabad Police have filed a case of murder and probing the matter.